Internationale Nederlanden Groep NV posted better than expected earnings, with net profit for 1999 surging 84% to 4.92 billion euros ($4.82 billion). But the numbers -- bolstered by a recovery at London-based ING Barings -- failed to wow a market that continues to have eyes only for telecom and high-tech stocks.

Eager to get the good news out, the bank-insurer published a snapshot of its results a full month ahead of schedule. Still,...